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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 28, 2006.
Secure Border Initiative Financial Accountability Act of 2006 - Directs the Inspector General of the Department of Homeland Security (DHS) to: (1) determine whether each contract action related to DHS's Secure Border Initiative having a value greater than $20 million complies with cost requirements, performance objectives, program milestones, inclusion of small, minority, and women-owned business, and timelines; (2) submit findings to the Secretary of Homeland Security, including regarding cost overruns, delays in contract execution, lack of rigorous contract management, insufficient financial oversight, bundling that limits the ability of small business to compete, or other high risk business practices; and (3) refer information regarding improper conduct or wrongdoing to the appropriate DHS official for purposes of evaluating whether to suspend or debar a contractor.
Requires the Secretary to report to Congress on the findings and the steps taken or planned to address the problems identified.
Authorizes additional appropriations to the Office of the Inspector General for FY2007-FY2009 to carry out this Act.